This is an update to a prior article written before the election and a Biden Presidency solidified the possibility for tax reform in 2021 or 2022. Many clients already made large gifts in 2020 to take advantage of the historically high gift and generation-skipping transfer (GST) tax exemptions, concerned that these exemptions could be significantly
Biden’s Tax Policy Changes Will Impact 2021 Tax Planning
Nothing is yet set in stone, but we want to alert clients to “expect the unexpected” when it comes to potentially significant tax and regulatory policy changes in 2021. The first hint of things to come may be hidden in President Joe Biden’s American Rescue Plan. The $1.9 Trillion COVID-19 relief package represents the Biden administration’s
